Remington Seeking Money to File Bankruptcy

Remington Seeking Money to File Bankruptcy

February 9, 2018

According to Reuters’, Remington Outdoor Company Inc., one of the largest U.S. makers of firearms, has reached out to banks and credit investment funds in search of financing that will allow it to file for bankruptcy.

Remington is citing fears of new regulation, but recent introductions have been plagued with problems and recalls that have likely reduced sales on other products.

According to sources, Remington missed a debt payment on one of its coupons to a creditor this week. As a result, Remington has been working with investment bank Lazard Ltd (LAZ.N) on options to restructure its $950 million debt pile, according to a Reuters report last month.

Remington is seeking debtor-in-possession financing that will allow it to fund is operations once it files for bankruptcy, the sources said. The size of the financing and timing of Remington’s bankruptcy plans could not be learned.